Former PM Manmohan Singh says 'state of economy deeply worrying'
Former Prime Minister Manmohan Singh on Sunday expressed concern over the state of the economy in the country. He urged the government to steer out economy of the "man-made crisis."
"The state of economy today is deeply worrying. Last quarter's GDP growth rate of 5% signals that were in midst of a prolonged slowdown. India has potential to grow at a much faster rate but all round mismanagement by Modi govt has resulted in this slowdown," Singh said today.
The Congress leader said that the manufacturing sector's growth tottering at 0.6% was distressing.
"This makes it very clear that our economy has not yet recovered from the man-made blunders of demonetisation and a hastily implemented GST," he said.
"India cannot afford to continue down this path. Therefore, I urge the govt to put aside vendetta politics and reach out to all sane voices and thinking minds to steer our economy out of this man-made crisis," the former prime minister added.
The scathing attack by the former prime minister comes after the country reported a slow GDP growth rate of 5 per cent for the first quarter of this fiscal.
Sharp deceleration in manufacturing output and subdued farm sector activity pulled down India's gross domestic product (GDP) growth to over six-year low of 5 per cent in the April-June quarter of 2019-20.
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